Are these things keeping you poor?

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This is the Budgeteer Newsletter and we are back after a brief break! We are glad to be back and sharing money tips with you that will make you wealthier than all your friends!

Today we are bringing you:

  • Are these money habits keeping your broke?

Today's edition is brought to you by Refside. Fun referee apparel for refs by refs.

Are you ready to start forming wealthy habits and break away from the things that are keeping you “poor”? Without even knowing it we are stuck in habits that are like quicksand for our wallets. But chin up! You can do something about it. We’ve got a little list for you, nine habits that might keep your pockets empty and some handy tips to shake 'em off.

1: Living large on a small budget:

When you're buying stuff you can't afford, or racking up the credit card bills that you can’t pay off every month, it's a bit like throwing money down a well. So, let's do this: come up with a spending plan, stick to it, and save up for the big stuff!

2: Ignoring the "rainy day" fund:

Not having a stash for unexpected expenses is like going on a road trip without a spare tire. Start by squirreling away a little each month, just for those surprises and before you know it you will have a large stash that will help you survive those rainy days. Shoot for 3 months if you have credit card debt, and 6 months if you don’t.

3: Turning a blind eye to learning and growing:

Sure its fun to Netflix and chill, but try to find time every week to learn new things or polish your skills. Hint, reading this newsletter is a great start! So, invest in you – it’s worth it!

4: Being too comfy in a low-paying gig:

Sometimes, a regular job feels safe, but it may not be filling your piggy bank. So, look for ways to move up where you are, or maybe even consider a total career switch.

5: Getting sucked into impulse buying:

Splurging on a whim can be fun, but it’s murder on the budget. Try this: when you're about to buy something, take a breath, and think it over for 24 hours. If it's not essential, maybe let it pass.

6: Letting debt go wild:

Unchecked debt, like credit card or personal loans(anything above 6%), can turn into a real monster. So, focus on paying off the high-interest ones first and make a game plan for handling any future debt.

7: Flying blind without a spending plan:

Without a spending plan, it’s easy to lose track of where the money's going. Start by writing down your spending for a month, then use that info to make a plan that fits your life.

8: Forgetting about investing:

Saving is not investing. Repeat after me, saving is not investing! Saving is great, but to really build wealth, you gotta invest – maybe in stocks, real estate, whatever floats your boat. If you're not sure how, no worries – stick with us and we will help!

9: Confusing acting “rich” vs being “rich”

You've probably seen folks who seem to 'have it all' – flashy cars, designer clothes, expensive gadgets – but is that really wealth? See, acting rich and being genuinely wealthy are two very different things. While some people might splash out big bucks to appear well-off, often they're just digging themselves into a pit of debt and financial instability.

So, instead of trying to 'keep up with the Joneses' and focusing on the outward, flashy signs of wealth, shift your aim towards genuine financial stability and growth. It's all about creating a solid financial foundation for yourself that can weather any storm and stand the test of time. That's the real secret of prosperity. It's not about showing off, it's about achieving financial freedom and peace of mind. Trust us, there's no luxury that can beat that!

Kicking these habits to the curb won't be a walk in the park, but trust us, the payoff is worth it. Start small, pick one or two areas to work on, and go from there. With some time and a little grit, you'll bust out of the cycle and be on your way to financial security. You got this!

Read. Bank fees draining your accounts? Check out these tips on bank fees you shouldn’t be paying and how best to avoid them!

Read. Over 50 or close to it, this might impact you.

Nothing in this email is intended to serve as financial advice. Do your own research. Thanks for reading, if you have any questions, comments, suggestions, etc. about the email don’t hesitate to send us a reply.